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Inovia Capital

Inovia Capital Secures $300M for Third Growth Equity Fund

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Montréal-headquartered venture capital firm Inovia Capital has secured an initial $300 million USD for its third growth equity fund, Inovia Growth Fund III. This brings the firm two-thirds of the way to its $450 million target. The funding round was led by returning limited partner Caisse de dépôt et placement du Québec (CDPQ).

Inovia previously closed its first growth fund in 2019 with $400 million and its second in early 2021 with $450 million. Inovia aims to address gaps in Canada’s growth-stage tech sector. Partner Chris Arsenault emphasized the sector’s maturity and need for capital. Inovia expects to complete the fundraise by this fall.

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Cohere Secures $270 Million in Funding, Paving the Way for AI Transformation

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Toronto’s Cohere, a leading AI company, has successfully raised $270 million in its Series C financing round.

The funding, spearheaded by Inovia Capital, attracted a diverse group of global institutional and strategic investors, including NVIDIA, Oracle, and Salesforce Ventures.

With a focus on generative AI, Cohere aims to drive the next phase of AI products and services, transforming businesses across industries.

The company’s AI platform is uniquely designed for enterprise deployment, offering data security, customization, and support.

Cohere’s cloud-agnostic suite ensures flexibility and data privacy, enabling businesses to leverage AI while keeping their data secure.

Want to know more? Check out the source code here.